Excelsior Correspondent
Srinagar, Oct 20: Putting all speculations about the J&K Bank’s merger at rest, J&K Bank Chairman and Managing Director R K Chhibber today stated that the recent crisis of Punjab and Maharashtra Cooperative (PMC) Bank in the country has worried bank customers in general but the rumours of J&K Bank’s merger by some vested interests has raised apprehensions among our depositors particularly in J&K.
“Let me put all those speculations at rest by assuring you that no merger is on the cards and the bank’s fundamentals are very strong,” Chhibber said in a statement.
He further said, “Let me assure all the stakeholders of the bank that their bank is in safe hands of more than 12000 strong J&K Bank family under the supervision and guidance of a professionally strong Board of Directors with a robust accountability framework in place for transparency and efficiency. The only way to go for the bank is up and above, towards higher levels of accomplishments.”
Commenting upon the effect of recent political developments in J&K upon the bank, he said, “We certainly believe that the recent developments that have taken place in State won’t affect the essence of this institution, which is to financially serve the people of J&K and catalyze the economic development of this region. J&K Bank has witnessed far bigger challenges in the past, and we believe, as always with the emotional equity of the people, support of J&K Government and unmatched commitment of our staff, we shall meet every challenge head-on and come out stronger and more successful.”
While reiterating that J&K Bank has strong fundamentals with all its major financial indicators performing well, the Chairman also asserted that few of the large loans, made some years ago that have turned Non Performing Assets (NPAs) and are being investigated; have been adequately provided for by the bank and shall have no impact on the profitability of the bank.
“Let me assure you that we are here to be with you and lead you towards a more promising and fulfilling economic future”, he said.
Reflecting upon the long and eventful journey of the bank, Chhibber said, “It has been a long, eventful and challenging journey of over eighty years that has shaped up not only this great institution but the very structure and the substance of J&K’s economy. For all this, we acknowledge and admit the instrumental role of our shareholders and customers whose unwavering trust and cooperation has been the guiding light for us during eight decades of our existence.”
Expressing his gratitude for the bank’s main stakeholders, the Chairman said, “In particular we appreciate the unflinching support of our main stakeholders i.e. the J&K Government, the Board of Directors, and employees at large. J&K Government has always come forward to support the bank in all spheres and have already raised their stake to 59 pc in the bank by providing capital of Rs 532 Cr for business growth and regulatory requirement. The Government has also indicated to extend additional capital support in near future to meet our Basel III capital requirements.”
Notably, the very reason for the establishment of Jammu & Kashmir Bank by its founders in 1938 has been to empower the people of the State financially so that an era of development could be ushered in. “Today we see that vision transformed into reality as J&K Bank leads from the front with market share of more than 65 pc, more than 12 million account holders from two million households and a total business around Rs 1.65 lakh crores.
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